PayPal is currently used by millions of people around the world. From time to time, various users need to close their accounts. Some people decide to switch to a competing payments service, and others no longer need their accounts.
The process for closing a Personal, Premier, or business account isn’t that difficult. However, users need to ensure they handle this task properly. Making mistakes can lead to accounts remaining open or final balances not being received.
Step One: Log Into PayPal.com and Head Into Settings
Fortunately, PayPal allows users to close their accounts online. A given user needs to log into their account to handle this process. Users don’t need to contact customer service to initiate and complete account closures. In 2014, PayPal introduced a new user interface alongside the old one. Either interface features an Account Settings tab for changing information and whatnot, though. Navigating to this particular tab is required in order to proceed, and it’s not that difficult to find.
Step Two: Hit “Close Account” And Fill Out The Form
A “Close Account” button is available on a user’s profile. Hitting this button takes users to an account closure form. In most cases, the form takes mere minutes to fill out and involves verifying an account owner’s identity. They will be required to withdraw their remaining balance by check or bank transfer at this point. A user’s account will be closed after the cancellation has been confirmed. Typically, this process won’t take more than 24 to 48 hours for a given user.
Withdrawing Funds Before Closing An Account Is Recommended
PayPal returns a user’s current balance to them after an account is closed. Still, a person should withdraw their funds before closing the account. Doing so ensures that individuals have their money and avoid any headaches. An individual needs to jump through hoops in order to acquire the money after the account is closed.
Plus, any errors can prolong this process, and nobody wants to deal with such hassles. Each user needs to withdraw their money ahead of time for the best results.
Can users create another account later on?
Users that close their accounts often wonder if they can create another one. For most situations, the answer is “yes”, although that’s not always the case. Users that closed their account in good standing can create one in the future. A user with a restricted or banned account can’t create any further PayPal accounts, though.
In the future, opening an account requires the first steps as the original account. PayPal allows users to have two accounts with specific requirements, too.
A Simple and Painless Process
In the end, most users will find that closing a PayPal account requires little effort. PayPal has made the process seamless and simple. Other companies tend to make the account closure or cancellation process full of obstacles. Luckily, users often avoid those headaches here. Everything is handled online, and accounts are often closed within two business days, so users can move on with their post-PayPal lives.